PANews reported on February 1 that according to Cryptobriefing, the New York Stock Exchange Arca has submitted a 19b-4 form to the US SEC, seeking approval to change the rules to list and trade Grayscale's spot Dogecoin ETF. This move was made quickly after Grayscale announced the launch of the Dogecoin Trust Fund earlier.
The document reads: "Similar to Bitcoin and Litecoin, Dogecoin can be used to pay for goods and services or can be exchanged for fiat currency, such as U.S. dollars, at an exchange rate determined by the digital asset trading platform or by individual end-user to end-user transactions under a barter system. In addition, Dogecoin can be used to pay transaction fees to miners for validating transactions on the Dogecoin network."
The proposed ETF will provide investors with exposure to Dogecoin without having to take direct ownership. Coinbase Custody Trust Company will serve as custodian, while Bank of New York Mellon will handle administration and transfer agent duties.
